Retail landlord Shaftesbury expects West End ‘revival’ as lockdown lifts
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West End landlord Shaftesbury this morning said occupier interest had improved after the lockdown lifting roadmap was announced, saying the easing of restrictions will herald a “revival” of the London’s theatre and shopping district.
However, the FTSE 250 developer said current restrictions were continuing to have a “significant impact on economic activity and consumer spending patterns”.
All hospitality and non-essential retail businesses – which make up the majority of Shaftesbury’s tenants – have only been able to trade for seven of the past 21 weeks.
Therefore the landlord’s rent collection figures have suffered, with just 45 per cent of payments collected for the quarter to 31 December last year.
To date, 36 per cent of January rents have been paid.
Shaftesbury, which bought two Covent Garden buildings for £5.6m during the trading period, said it had an EPRA vacancy rate of 10.8 per cent, of which 2.8 per cent was under offer.
Brian Bickell, Shaftesbury chief executive, said: “The relaxation of pandemic restrictions will herald the revival of the West End’s economy in the months ahead, with a gradual return of local and domestic footfall and the reopening of hospitality businesses, shops and its world-renowned cultural and leisure attractions.
“Our strategy of supporting the survival and reopening of our existing hospitality and retail businesses is aimed at ensuring our locations will be animated, interesting and welcoming for returning customers. Our portfolio is located in the heart of the most vibrant part of London and we are optimistic that the appeal of our carefully-curated destinations will drive the return of footfall and trading.”